Voxtur Analytics Closes Acquisition of Benutech
TORONTO and TAMPA, Fla., Dec. 30, 2021 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that, further to the news releases issued on November 24, 2021 and December 21, 2021, it has completed the acquisition (“Acquisition”) of Benutech, Inc. (“Benutech”).
Benutech brings efficiency and profitability to real estate with innovative data solutions and an advanced technology platform. With one of the largest repositories of real-time property data in the United States, Benutech enables real estate professionals to access data from multiple public and private data sources through a subscription-based model.
“With the acquisition of Benutech, we continue to build our repository of Voxtur-validated data and innovative SaaS solutions,” said Voxtur CEO Jim Albertelli. “We are thrilled to join forces with the Benutech team, which will allow us to further enhance our technology platform, increase our recurring revenue, and continue Voxtur’s transition to a SaaS-based model.”
Total consideration for the Acquisition consisted of a cash payment in the amount of US$5 million, 10,239,757 common shares (“Common Shares”) in the capital of Voxtur (the “Share Component”), and up to 7,314,112 additional Common Shares, with the specific number of additional Common Shares to be determined in accordance with certain earn out terms set forth in the Agreement. A majority of the Share Component is subject to a contractual lock up with certain Benutech stockholders, with the locked-up shares scheduled to be released in equal installments each calendar quarter for a period of four years from the date of closing of the Acquisition.
The Acquisition constituted an “Expedited Acquisition” in accordance with TSX Venture Exchange Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets and remains subject to final approval by the TSX Venture Exchange. All references to currency in this release are reference to US dollars.
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation, and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”). Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include, but is not limited to: the closing of the Acquisition and the anticipated timing thereof; final approval of the Acquisition by the TSX Venture Exchange; the positioning and product offerings of Benutech following the completion of the Acquisition; expectations for the effects of certain milestones or the ability of the Company to successfully achieve certain business objectives; the effects of unexpected costs, liabilities or delays; success of software activities; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure or failure to implement technological upgrades; the Company’s dependence on maintaining intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Chief Investment Officer